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his own deficit reduction commission. he knows what our proposals are, he knows what we are throwing do. what we don't know, chris, is what is the president willing to do? >> well, let me ask you specifically about that. is it true, because it's been said but we've never seen a piece of paper; it true that the president offered to raise the eligibility age for medicare and to slow cost of living adjustments for social security what you were in your debt talks in august ofs2011. >> it was on the table. did the president agree to it? it may have been close to an agreement to it. if he agreed to it we might not have some problem today. >> is that on the table now. of course, it's on the table. >> no, is it on the table from their point of view. >> well, there are a lot of items on the table. the president knows what they are. the question is what are they willing to do. >> you are starting it have some political problems because you are starting to have some split necessary your ranks. i don't have to tell you one of the top
his own deficit reduction commission. he knows what our proposals are, he knows what we are throwing do. what we don't know, chris, is what is the president willing to do? >> well, let me ask you specifically about that. is it true, because it's been said but we've never seen a piece of paper; it true that the president offered to raise the eligibility age for medicare and to slow cost of living adjustments for social security what you were in your debt talks in august ofs2011. >>...
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Dec 1, 2012
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. >> and that is increasing and guess what, that adds up to the deficit, right? >> david, the problem is deeper than what you are describing. this goes back decades. when you look at entitlement spending over the last half century, it has steadily crept up four percent every year and that includes adjustments for population growth. so what then? you increase taxes four percent every year? that is absurd. at some point we need both parties to come together and tax this entitlement creep. we mention obama ape lot. he hasn't helped the numbers. but when you look at enment spending it goes up under a republican president. he can go in this and blame the republicans. >> i didn't know there was a entitlement creep. maybe i got you wrong. >> it is it an itch. >> and john, what about this. we have a budget if you can call it a budget that includes tax increases and no cuts at all from our treasury security. >> the tax increase aspect is ridickulous. we have a spending problem . you look at entitlements. i think it is i i don't they should exist. we did make promises and
. >> and that is increasing and guess what, that adds up to the deficit, right? >> david, the problem is deeper than what you are describing. this goes back decades. when you look at entitlement spending over the last half century, it has steadily crept up four percent every year and that includes adjustments for population growth. so what then? you increase taxes four percent every year? that is absurd. at some point we need both parties to come together and tax this entitlement...
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Dec 3, 2012
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based off the simpson bowles commission, his own deficit reduction commission. he knows what our proposals are and what we are willing to do. what we don't know, chris, is what is the president willing to do? >> chris: well, let me ask you specifically about that. is it true, it is said -- we have never seen a piece of paper. is it true that the president offered to raise the eligibility age for medicare and slow cost of living adjustments for social security when you were in your debt talks in august of 2011? >> it was on the table. did the president agree to it... he may have been close to an agreement to it. if he agreed to it, we might not have this problem today. >> chris: is that on the table now. >> of course it is. >> chris: no, from their point of view? >> listen, there are a lot of items on the table. the president knows what they are. the question is, what are they willing to do. >> chris: you are starting to have political problems, because you are starting to have splits in your ranks, i don't have to tell you you one of the top congressional republ
based off the simpson bowles commission, his own deficit reduction commission. he knows what our proposals are and what we are willing to do. what we don't know, chris, is what is the president willing to do? >> chris: well, let me ask you specifically about that. is it true, it is said -- we have never seen a piece of paper. is it true that the president offered to raise the eligibility age for medicare and slow cost of living adjustments for social security when you were in your debt...
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Nov 30, 2012
11/12
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stuart: you're saying, oh, he left a deficit. it was congressional spending that led it a deficit. let's get back to the original argument. if you now, right now, lowered tax rates you would increase revenue to the treasury. >> you and i disagree on that. you and i disagree on that and i know my history and-- >> you think that by imposing higher tax rates, massive tax increase. >> no, no, not on everyone, not on everyone. stuart: tell me how you're going to get growth when you raise taxes by a trillion 6. go. >> are you talking about deficit reduction or growth. if you're talking about growth. stuart: growth in the economy. >> of course it's a combination of things and it's a matter of-- i believe na a bigger stimulus, for example. stuart: do you believe if we put this plan, the president's plan into practice now. >> i don't think the president's plan will be put into practice. stuart: do you think that we'd get 4 or 5% growth? >> i don't think it's a realistic plan, i said it from day one. stuart: and if we raise taxes, that's the heart of this thing, if we raise taxes do you thin
stuart: you're saying, oh, he left a deficit. it was congressional spending that led it a deficit. let's get back to the original argument. if you now, right now, lowered tax rates you would increase revenue to the treasury. >> you and i disagree on that. you and i disagree on that and i know my history and-- >> you think that by imposing higher tax rates, massive tax increase. >> no, no, not on everyone, not on everyone. stuart: tell me how you're going to get growth when you...
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Nov 30, 2012
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we have a $16 trillion deficit and the president wants to spend more money. are you kidding me? >> all right, jess. what do the serious negotiations take place here? that he puts an offer on the table to secretary geithner. the republicans are now angry. where is the next step here? >> well, you know, it's up to the republicans to come back with something, and now we're waiting to see what their next move will be. you know, the republicans' position is this was an unreasonable offer and it does not balance out with enough spending cuts. they want to refocus on spending cuts instead of tax increases. we should expect to see something from republicans that will be more heavily focused on the cuts. you know, the white house is very clear. they are not going to give on that increase on tax rates. that's where the fight will take place over the mechanics few weeks. >> we'll see if there's any republican reaction to the president's plan there because, obviously, he is using all the tools that he has to push forward his plan. we'll see how they come up with the alternative. thanks, jes
we have a $16 trillion deficit and the president wants to spend more money. are you kidding me? >> all right, jess. what do the serious negotiations take place here? that he puts an offer on the table to secretary geithner. the republicans are now angry. where is the next step here? >> well, you know, it's up to the republicans to come back with something, and now we're waiting to see what their next move will be. you know, the republicans' position is this was an unreasonable offer...
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Dec 3, 2012
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based on the recommendations of the president's deficit reduction commission but the president could disagree. the republicans say the plan would raise $800 million through tax reform but not by phasing out the upper income bush tax cuts and before the plan was announced, white house press secretary insisted the rates will not make it to the new year. >> he will not sign a bill that extends those tax rates for the top 2 percent. we cannot afford it. it is not wise economic policy. not wise fiscal policy. it would defeat the principle of balance that he has embraced. >> the president wrapped up an hour long twitter session promoting what he called a balanced approach, as far as deficit reduction. >>shepard: is this posturing? >>reporter: well, it is, this great measure. each side wants to blame the other. and not just if we go over the cliff, but if they do reach an agreement, each side wants the other to take the blame for the parts of the ultimate compromise their constituents don't like. right now the negotiations are nowhere, and the white house has not put a serious offer on the
based on the recommendations of the president's deficit reduction commission but the president could disagree. the republicans say the plan would raise $800 million through tax reform but not by phasing out the upper income bush tax cuts and before the plan was announced, white house press secretary insisted the rates will not make it to the new year. >> he will not sign a bill that extends those tax rates for the top 2 percent. we cannot afford it. it is not wise economic policy. not...
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Dec 5, 2012
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now we know deficits are running $1 to $1.5 trillion. what's changed is on the spending side yet all this discussion is on the tax revenues. you can tax every millionaire 100% and run the government for two or three months. this is a spending driven crisis and it has to be solved on the spending side. until the president gets serious about it, i'm not sure what there is to talk about, soledad. >> i'm not sure that the only conversations have just been on the tax side. i actually think there have been conversations on both. at this moment, right, we're going over or toward the fiscal cliff. if you do nothing, all of our taxes are going up. why not, as a first move, say, listen, nobody at this point wants to raise taxes on the middle class and people who are lower income. so let's do some kind of a deal now and that will keep us from going over the fiscal cliff. then let the tax cuts expire for the wealthy january 1st. it happens. then you can do some kind of negotiation. and that keeps us from going over the fiscal cliff. it's going to ha
now we know deficits are running $1 to $1.5 trillion. what's changed is on the spending side yet all this discussion is on the tax revenues. you can tax every millionaire 100% and run the government for two or three months. this is a spending driven crisis and it has to be solved on the spending side. until the president gets serious about it, i'm not sure what there is to talk about, soledad. >> i'm not sure that the only conversations have just been on the tax side. i actually think...
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absolutely are going to die if things start to change and in fact, the underlying real problem, the growing deficit on the path to greece, the goal gets worse once we kick the can away. that will be the overriding probleming not the slowing economy not people spending money, but sure, that might not happen in the first two months, but it will eventually happen if we keep kicking down the can. we want to prove to the world that we have a solution and if it takes a few months to get there and higher taxes for a while, big deal, we will get there. that's got to be the plan not just the same nonsense. >> yeah, but larry, that's part of your point, but jonas says we're not in a bad recession, we're certainly not in a good recovery. and if we just keep falling little bit by little bit, maybe as much as jump off the cliff, but it's certainly a slippery slope. >> brenda, the damage is already being done. we saw it in november retail sales and companies delaying activity already and we know the ratings agencies are minutes away, we're right to fix the problem in the long run than making a bandaid short-term
absolutely are going to die if things start to change and in fact, the underlying real problem, the growing deficit on the path to greece, the goal gets worse once we kick the can away. that will be the overriding probleming not the slowing economy not people spending money, but sure, that might not happen in the first two months, but it will eventually happen if we keep kicking down the can. we want to prove to the world that we have a solution and if it takes a few months to get there and...
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david, how much of the deficit, if we let the bush tax cuts sunset, how much of the deficit goes away? >> well, a significant percentage. >> like three quarters of it. >> it's not a good thing to do. it's going to push us back. >> when is it a good time? >> we need a down payment of both revenue and spending reductions, but we need to achieve four to five trillion over ten years through a grand bargain and we have to make sure that we're going to achieve a lot more than that beyond the ten years because we have 10,000 people a day retiring. health care costs are still out of control and we have to look long-term. that's why we say debt to gdp. >> somebody just sent in a really good question. that is with the president's health care plans, with obama care, does that change the debt to gdp in terms of taxes going up? >> it makes it worse. >> it's already going up. >> the affordable care act expanded cover an to 36 million people. it did not do enough to control costs. there are positive aspects of it, but according to the chief actuary of medicare, it's estimated to cost $12 trillion mo
david, how much of the deficit, if we let the bush tax cuts sunset, how much of the deficit goes away? >> well, a significant percentage. >> like three quarters of it. >> it's not a good thing to do. it's going to push us back. >> when is it a good time? >> we need a down payment of both revenue and spending reductions, but we need to achieve four to five trillion over ten years through a grand bargain and we have to make sure that we're going to achieve a lot more...
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there is an interesting coalition, if you will, of very conservative deficit hawks and very liberal deficit hawks, if you will, who might come together and say, you know what, let the country go off the cliff. lack at those five-year projections. isn't this about short term versus long term? what do you say and what do you think your members would say? >> the best thing is to do something our spending problem and barring anything else, doing the automatic cuts that congress promised last year when they raised the debt ceiling would be better than doing nothing. it's separate from the ougautomc tax increase that happens on january 1. our preferred strategy here would be to accept the sequester now knowing that congress is not going to do something more rational. they're not going to take on more fundamental spending reforms and push off increasing taxes. and let's have a ration conversation about fundamental tax reform in the first six months of next year. nothing congress does in this panic is going to be rational public policy regardless of ideology. >> isn't it fair to say no matter what,
there is an interesting coalition, if you will, of very conservative deficit hawks and very liberal deficit hawks, if you will, who might come together and say, you know what, let the country go off the cliff. lack at those five-year projections. isn't this about short term versus long term? what do you say and what do you think your members would say? >> the best thing is to do something our spending problem and barring anything else, doing the automatic cuts that congress promised last...
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you're not going to -- >> i'm also a deficit hawk, joe. >> you are a deficit hawk. and, howard, i know obama won the election, but in this country you need the house to vote on something to make it law, and if they just say no the 39.6 on the high end, if you just let -- go over the cliff, it's going to 39.6. there would be in discussing it. it's going there. >> let's be fair about this. i mean, what i'm proposing is not -- neither the republicans nor the democrats like. because not only does it go to 39.6 on the wealthy which i support, but it also goes back to what people were paying when bill clinton was president for the middle-class and the truth of the matter is no matter what people said in the election, you cannot solve this deficit problem without everybody paying more taxes not just rich people. >> you can go to 100% and not 39.6. you'd like to in a perfect world, i know you, you would like to go to 100%. but you're not going to be able to do that. >> only on television personality. >> you go from raising, like, $80 billion a year which on a trillion dolla
you're not going to -- >> i'm also a deficit hawk, joe. >> you are a deficit hawk. and, howard, i know obama won the election, but in this country you need the house to vote on something to make it law, and if they just say no the 39.6 on the high end, if you just let -- go over the cliff, it's going to 39.6. there would be in discussing it. it's going there. >> let's be fair about this. i mean, what i'm proposing is not -- neither the republicans nor the democrats like....
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a serious down payment of the deficit. the wall street people who are wringing their hands about this are really full of it. because what they're going to see is a big drop on wall street while the hype comes and then it's going to come roaring back because finally somebody has done something serious about the deficit. so i think the fiscal curb as you call it is actually the best deal that progressive democrats are going to get and i think it's the best deal in the long run, not the short run. but the long run to the american people. >> i think if we did go off, as i kind of expect we will, that congress, though, will not accept your view of look at the long-term benefits of most of this package. yes, there's some things we don't like in it, but most of the package is beneficial. and they will take some kind of action. they would immediately go into action and try to do something about the top -- about the other tax brackets below the top, and then that's when the discussion on spending cuts would really get engaged. >> i
a serious down payment of the deficit. the wall street people who are wringing their hands about this are really full of it. because what they're going to see is a big drop on wall street while the hype comes and then it's going to come roaring back because finally somebody has done something serious about the deficit. so i think the fiscal curb as you call it is actually the best deal that progressive democrats are going to get and i think it's the best deal in the long run, not the short run....
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you can't -- >> we've had 18 debt and deficit commissions since '81. the cuts never came. >> cynicism isn't a plan though, eric. we need to put forward a plan. can't just keep saying they're screwing it up. >> if you don't put cuts in though with tax increase, you've got a problem because it's easy to raise taxes on a few people. most people will not support cuts that hurt them. >> you've got to have entitlement reform. >> you can actually lower rates, close loopholes and raise revenue. >> all right. thanks to both. appreciate it. more than two months after the deadly attack in benghazi, investigators are still looking for answers and today, the fbi turned to facebook for help and a possible turning point in syria. the obama administration tonight weighing whether to take a big step and involve arming the rebels. ded it. and that makes me feel pretty good about it. and then i heard about a study looking at multivitamins and the long term health benefits. and what do you know? they used centrum silver in the study. makes me feel even better, that's what
you can't -- >> we've had 18 debt and deficit commissions since '81. the cuts never came. >> cynicism isn't a plan though, eric. we need to put forward a plan. can't just keep saying they're screwing it up. >> if you don't put cuts in though with tax increase, you've got a problem because it's easy to raise taxes on a few people. most people will not support cuts that hurt them. >> you've got to have entitlement reform. >> you can actually lower rates, close...
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we were very concerned because we thought the budget was going to be -- the deficit was going to be about $150 billion. that shocked everyone into action. then, unlike now, there remains some degree of bipartisanship. there was comity, there was discussion, even as we battled over the budget, we worked together in a bipartisan way on many other issues. you didn't have the total polarization that you have today. >> i mean, when you were elected senate majority leader, i understand one of the first people that you called was the minority leader, senator dole. >> that's right. i called him right away, i went to see him almost immediately, and i said to him look, you've been here a long time, i'm relatively new, these are very tough jobs in the best of circumstances, and if we don't have some degree of trust between us, they will be impossible jobs. so i said to him i want to tell you how i intend to behave toward you and to ask that you behave towards me in the same way. and we agreed on the most basic of things. i told him i would not surprise him, that's important in the senate. that he wo
we were very concerned because we thought the budget was going to be -- the deficit was going to be about $150 billion. that shocked everyone into action. then, unlike now, there remains some degree of bipartisanship. there was comity, there was discussion, even as we battled over the budget, we worked together in a bipartisan way on many other issues. you didn't have the total polarization that you have today. >> i mean, when you were elected senate majority leader, i understand one of...
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Dec 7, 2012
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social security didn't contribute to the deficits and debt. i don't think there will be any appetite whatsoever for touching social security. but those points i think democrats are quite unified on. the area where i think there is room for negotiation and compromise is, the rates are going to go up. i think we all recognize that. will the rates go up completely? are there other ways where they can come up somewhat short of that but make up the revenues by reducing deductions from higher income families? >> so the deal that we're talking about is halfway between the current rate and the former rate? >> well, i wouldn't say halfway. but i would say, as long as you can get to the revenues, if you can increase the rates and reduce the deductions for upper income households, you can get to the same dollar number and i think there's a willingness to entertain that. it does tend to complicate the tax code. the simplest way is simply to raise the tax rates up to the clinton levels and, you know, we do have a strong interest in simplifying the tax code
social security didn't contribute to the deficits and debt. i don't think there will be any appetite whatsoever for touching social security. but those points i think democrats are quite unified on. the area where i think there is room for negotiation and compromise is, the rates are going to go up. i think we all recognize that. will the rates go up completely? are there other ways where they can come up somewhat short of that but make up the revenues by reducing deductions from higher income...
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the problem is the deficit. i know i've gotten a lot of hate mail from both the right and the left -- >> no, you're being honest. >> the fact of the matter is, we have to balance the budget. we've been in an economic recovery for three years. we're not where we ought to be. the longer you put this big deficit on, the harder it's going to be later on. >> katie, i'm sorry but lost you for a minute. i'm worried, katie, because the gop is in an unenviable political position after the election, because they're not talking about enough spending and entitlement cuts, what you hear is defending tax cuts for the rich. in other words, the gop is becoming the party of rich people and that's not where they ought to be. >> the problem is marketing. and republicans have had a big problem with marketing since the ronald reagan days. they need to get on the ground and talk about how these tax cuts affecting the rich will affect the middle class. democrats have been getting away with saying that the rich are the ones who need to
the problem is the deficit. i know i've gotten a lot of hate mail from both the right and the left -- >> no, you're being honest. >> the fact of the matter is, we have to balance the budget. we've been in an economic recovery for three years. we're not where we ought to be. the longer you put this big deficit on, the harder it's going to be later on. >> katie, i'm sorry but lost you for a minute. i'm worried, katie, because the gop is in an unenviable political position after...
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when you think about it, the deficits cast, ove a trillion dollars for the next four years. freckly this will add $80 billion a year. it i nonsense. it is a parody of reality, and the blood is not responsible about their duty is being fiscal managers for the united states. when you think about that, $20 trillion in four years. if you paid off a dollar a second you'rtalking about 670,000 years to pay is tough. the response is impractical, and when you look at the biggess growth which is entitlements and think about the dynamic shift in the demographics, people are getting older, living longer, the costs attributed to that with less workers, our population is not growing at much to mike catastrophic. if they don't do something realistic to curb spending problem. lou: as of tonight it looks like there is nothing ralistic going on in washington d.c. imagine that. it is great to talk with you. i hope he will come back soon and often. amazing, as you saw. editorial cartoonist. up next ralph nader headlines a triumvirate of angry liberals over the weekend. we will have that straigh
when you think about it, the deficits cast, ove a trillion dollars for the next four years. freckly this will add $80 billion a year. it i nonsense. it is a parody of reality, and the blood is not responsible about their duty is being fiscal managers for the united states. when you think about that, $20 trillion in four years. if you paid off a dollar a second you'rtalking about 670,000 years to pay is tough. the response is impractical, and when you look at the biggess growth which is...
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that leaves us with the deficit of one. that is the deficit. sizable it is. this wl be the president's fourth for whh he is personally responsible, fourth deficit in excess of a trillion dollars. president obama wants to plug that trillion dollars hole by raising taxes on household incomes, as we all know that have incomes over $250,000. the top 2%. that would bring in $802 million, $82 billion. that's about 8% of that deficit. so does that suggest we have a tax problem or, perhaps, a spending problem? think about this. taxpayers making more than $250,000 representin the top 2% paid more than 46% of all texas. that would seem like a pretty fair deal to most of us, but the president says it is not fair. we don't know what that number is. how much should it be? and contrary to what the president would have you believe as he campgns untack sites all around the country and against the wealthy, he's doing a lot of that. the bush tax rates are not the root of our problems. in fact, individual tax payments rose, get this, $2,303,000,000,000 or 26%. over the past two
that leaves us with the deficit of one. that is the deficit. sizable it is. this wl be the president's fourth for whh he is personally responsible, fourth deficit in excess of a trillion dollars. president obama wants to plug that trillion dollars hole by raising taxes on household incomes, as we all know that have incomes over $250,000. the top 2%. that would bring in $802 million, $82 billion. that's about 8% of that deficit. so does that suggest we have a tax problem or, perhaps, a spending...
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and a $500 billion down payment on the deficit and the debt, i think, is actually a nice piece of certainty for business so that they can plan for 2013 and 2014. it will mean an exceedingly weak first quarter next year, but i think throughout the year economic growth will get stronger. david: well, but, michael, on the other hand, sometimes if i'm certain somebody's dead, that won't bring them back to life. sometimes certainty is not necessarily good news. you say that the market is rather than on the negative side rather than on the positive side, and if we do go over the fiscal cliff, you see possibility of negative figures as low as 4%, right? >> well, let's put all this in perspective. i think what i mentioned earlier was the fact that the s&p is up about 6% since november 16th, and we've run into technical resistance with some the previous people mentioned, and i think the market's just in a period now where it could easily pull back a little bit. if you listen to the rhetoric coming out of washington, we had the everybody gave your hugs after the election, now they're throwing out the
and a $500 billion down payment on the deficit and the debt, i think, is actually a nice piece of certainty for business so that they can plan for 2013 and 2014. it will mean an exceedingly weak first quarter next year, but i think throughout the year economic growth will get stronger. david: well, but, michael, on the other hand, sometimes if i'm certain somebody's dead, that won't bring them back to life. sometimes certainty is not necessarily good news. you say that the market is rather than...
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a lousy economy for four years, i left unemployment high, i increased the size of the debt and the deficit, i got everything i wanted, the place is a mess and look, i got reelected. so, what's so hard about me continuing to doing that and blaming it on them. obviously, i'm very good at that and that's base clr where he's going here and the republicans i think are not very good poker players, they're signaled they're relucks tennant to go over the cliff. if you're in this showdown, i is a, come on, bring it. >> paul: they will get blamed if that happens and the president is signaling that. that wouldn't be a pleasant outcome for them. you're saying they should suggest to the president we had he' be willing to do that and maybe he'll give at the end? >> yeah, i think they have to show that they are it, that he's in a negotiation and that he has to give and that they're willing to give and if they just say, look, we're so afraid of getting blamed for that, of course, he's going to roll over them. >> kim, where do you think the republicans are? where should they go here? do they have real opti
a lousy economy for four years, i left unemployment high, i increased the size of the debt and the deficit, i got everything i wanted, the place is a mess and look, i got reelected. so, what's so hard about me continuing to doing that and blaming it on them. obviously, i'm very good at that and that's base clr where he's going here and the republicans i think are not very good poker players, they're signaled they're relucks tennant to go over the cliff. if you're in this showdown, i is a, come...
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would be counterproductive if congress cut invest. >>> in education and job training to "reduce the deficit" in a way that would impact future economic growth. we've got to fix the workforce investment, the job training system in the united states to prepare people for the types of jobs that ceo has. >> you've been there, you've had to forge deals between warring constituencies. fiscal cliff. what would the solution be if you were handling it? >> i like the idea of the president, john boehner, the key players, getting together with no staff in the room. the second thing, they've got to be guided by a couple of things. number one, what is best for the nation? not my party, not my philosophy, not necessarily my politics. number two -- >> you'd like it one on one. >> editd' i'd like it one on on discuss specifics in a one on one way. second, they may agree there should be short-term steps and long-term steps, i think we can get there. the nation is counting on them doing something significant. >> saints/giants this weekend? >> i've got to go for the saints. i'm -- >> they both need a win. >> g
would be counterproductive if congress cut invest. >>> in education and job training to "reduce the deficit" in a way that would impact future economic growth. we've got to fix the workforce investment, the job training system in the united states to prepare people for the types of jobs that ceo has. >> you've been there, you've had to forge deals between warring constituencies. fiscal cliff. what would the solution be if you were handling it? >> i like the idea...
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well in the last decade should be called upon to do a little more in terms of helping to pay down our deficit and debt. i think the electorate answers that question so that's got to play a role in the negotiation and has. but i think we'll get to yes. >> how are you going to do it though? you said you know you're going to have to compromise. what areas in entitlements, for instance, or other areas do you think there is a willingness to compromise to get us closer to resolving the fiscal cliff issue? >> i think democrats have already shown a willingness to make very significant cuts. we've already in the budget control act agreed to an excess of $1 trillion of cuts. that's a pretty good faith counsel payment on our willingness to come to the table and do things that are very painful and difficult for us to do. we haven't seen that yet reciprocated in terms of gop willingness to raise the kind of revenues that we've already committed to reducing in terms of spending cuts. but i think we've demonstrated very good faith that we're ready to make the hard calls to pay down our debt, balance our boo
well in the last decade should be called upon to do a little more in terms of helping to pay down our deficit and debt. i think the electorate answers that question so that's got to play a role in the negotiation and has. but i think we'll get to yes. >> how are you going to do it though? you said you know you're going to have to compromise. what areas in entitlements, for instance, or other areas do you think there is a willingness to compromise to get us closer to resolving the fiscal...
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plus, the president is announcing that he doesn't even want to put it towards deficit spending. he wants to do new spending, new stimulus, new infrastructure, new education. there's not one word of entitlement reform, social security reform, medicare reform. the structural debt. let me tell you what the leverage is, cornel. you want to know what the heart of the electorate is? it's the senate democrats who are elected in the last midterms and the senate democrats that were elected this time on a debt reform, spending reform, entitlement reform. those are your senate democrats who couldn't even pass something that was half as bad as this. you're not -- this is worse than laughable. it's despicable. >> a couple of things. one, mary, i love you in red. two is that look, what's wrong with us going back to quite frankly the rate under bill clinton? you remember the clinton years? the largest economic expansion in our history? everyone's boat rising, everyone paying their fair share, deficit reduction, the middle class growing. the problem with what republicans want to do right now, w
plus, the president is announcing that he doesn't even want to put it towards deficit spending. he wants to do new spending, new stimulus, new infrastructure, new education. there's not one word of entitlement reform, social security reform, medicare reform. the structural debt. let me tell you what the leverage is, cornel. you want to know what the heart of the electorate is? it's the senate democrats who are elected in the last midterms and the senate democrats that were elected this time on...
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the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for real world deficit reduction. it is. does it mean that it's better than the current law? maybe not. but there is an agreement that in the fiscal cliff is not the best way. >> we could add the baseline. the deficit to gdp. >> you said the deficit. >> you look at the current line baseline and get under 1% of deficit to gdp. >> seven years and 7 trillion of debt reduction. if anybody wants to read more about, please look at that space on what it takes. i thank you all for being here today. one reason we have to end it is that these people are going to be so instrumental in getting us out
the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for...
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, you're not going to get anywhere in these negotiations or in terms of reducing this $1.1 trillion deficit if you don't do something about these entitlements. so everyone's kind of waiting, when will the president come forward with those? >> if i could just jump in really quick, one of the problems with entitlement cuts is they don't produce a lot of savings in the first ten years. so, if we're going to be obsessively folked on the ratio between revenue and spending, then republicans are going to be in for some disappointment because all the things they want on entitlements basically phase in. this is consistent what they said about not wanting to change things for people over 55. and the fact that even paul ryan and mitt romney ran away from entitlement cuts in paul ryan's budget in the last election i think is a sign of where the american public is. they want the rich to pay their fair share in taxes, but they really don't like a lot of cuts. >> to some extent. >> and erin, look, in response to what you were just saying about the fact these savings don't really kick in for ten years, tha
, you're not going to get anywhere in these negotiations or in terms of reducing this $1.1 trillion deficit if you don't do something about these entitlements. so everyone's kind of waiting, when will the president come forward with those? >> if i could just jump in really quick, one of the problems with entitlement cuts is they don't produce a lot of savings in the first ten years. so, if we're going to be obsessively folked on the ratio between revenue and spending, then republicans are...
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president does not represent the bowles simpson plan, nor is it the bowles plan in my testimony on deficit reduction. i simply took the mid point of the public offers, put forward during the negotiations to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaker boehner's letter. the question i wanted to ask you is some of the details, as you know, it's all in. >> can we spin one more point on that? >> absolutely. >> here's speaker boehner who is taking a mid point on the compromise between the two sides and offered it, and it's already flatley rejected? >> i think he may be rejected, sir, if i may -- >> i'm not talking about simpson -- erskine boelsz. i'm talking about the white house's response to it. >> let's get to that too. i think what erskine bowles is saying in his statement, that this letter from speaker boehner does not represent his theory, number one, but i think the line that the white house is having problems with, and i believe i found it in page two of the speaker's letter, i'll read it to you if i can. he says this, notably
president does not represent the bowles simpson plan, nor is it the bowles plan in my testimony on deficit reduction. i simply took the mid point of the public offers, put forward during the negotiations to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaker boehner's letter. the question i wanted to ask you is some of the details, as you know, it's all in. >> can we spin one more point on that? >> absolutely. >> here's...
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in other words don't shoot the democrat santa clause which we pay for by the way to reduce the deficit or bernie sanders of the progress is understand is that democrats haven't been playing santa claus for the last eighty years just to win elections they don't play santa claus to save the nation and our economic system as we know it face of the great depression and communist revolutions around the world roosevelt had to enact the new deal just to save capitalism itself in america and the american people were willing to pay for it faced with the crisis of poverty the one nine hundred sixty s. and the hardships senior citizens are facing upon retirement l.b.j. enacted the great society and medicare because the people wanted gifts from santa claus but because people needed help and providing for the general welfare is according to our constitution one of the main purposes for which our government itself was created and despite what limbaugh o'reilly and other con say providing student loan relief isn't a gift it's a necessity now that outstanding student loan is topped up trillion dollars
in other words don't shoot the democrat santa clause which we pay for by the way to reduce the deficit or bernie sanders of the progress is understand is that democrats haven't been playing santa claus for the last eighty years just to win elections they don't play santa claus to save the nation and our economic system as we know it face of the great depression and communist revolutions around the world roosevelt had to enact the new deal just to save capitalism itself in america and the...
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here's the level of deficit reduction i can reach. if you think you can reach the same or more with more spending cuts, you go first and name them. >> yeah. >> so richard, we have everybody playing chicken for the most part. it's kabuki. you show your spending cuts and then i'll show mine. >> right. it failed before when the president was negotiating against himself. look, i'm going to come back. $400 billion of medicare cuts is exactly what you would want democrats to do if you want them to start dealing with entitlements. what are we talking about when we say democrats need to deal with entitlements? principally, it's medicare. so that's a huge down payment right there. you can say, well, i don't really believe they're possible, but that's a real proposal. what you're asking for in terms of the politics is that the president somehow solves john boehner's problems with his own caucus. and gives him the strength to go back and be the leader of that rowdy bunch of house republicans. that is not -- that is a hard ask for a president. >>
here's the level of deficit reduction i can reach. if you think you can reach the same or more with more spending cuts, you go first and name them. >> yeah. >> so richard, we have everybody playing chicken for the most part. it's kabuki. you show your spending cuts and then i'll show mine. >> right. it failed before when the president was negotiating against himself. look, i'm going to come back. $400 billion of medicare cuts is exactly what you would want democrats to do if...
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so far what we've seen from republicans in the house does not work in terms of reducing the deficit. >> congresswoman, we are watching the president on our screen at the business roundtable. there was an issue with the poll microphone for the president's address so they've handed him a different microphone, the leaders inside this room can hear exactly what the president is saying but his audio is too low for us to be able to share it with everybody. we're still working on that. when we see and hear about the fact this two-step plan getting something done for the middle class by the end of the year, does this set up the scenario we live in a perpetual state of fiscal cliff loopness, this is the same old dog and pony show every six months to a year fighting over the same things and not big, bold leadership? >> i hope not, certainly if it's not left up to president obama and congressional democrats. president obama proposed $4 trillion in deficit reduction, he has a balanced approach to take care of the middle class and that they have the certainty that they need that we make spending
so far what we've seen from republicans in the house does not work in terms of reducing the deficit. >> congresswoman, we are watching the president on our screen at the business roundtable. there was an issue with the poll microphone for the president's address so they've handed him a different microphone, the leaders inside this room can hear exactly what the president is saying but his audio is too low for us to be able to share it with everybody. we're still working on that. when we...
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supply deficit on that market and it sure helps to see the good jobs number. that was another supportive situation. when it comes to the copper market, we are again today. one of the strongest metals in the metal complex, the copper market. that is a good sign for economic growth down road. back to you, cheryl casone and dennis kneale. cheryl: thanks to both of you. breaking news into fox business. want to show you once again live pictures out of cairo, egypt. reuters is reporting protesters have breached a military barricade. that barricade is protecting the presidential palace. the protesters are upset about the president's decree giving him almost unquestioned power over his government but reuters reporting the barrier has been broken. they tried two days ago and were unsuccessful. those protesters have had success. we will keep you posted. fiscal cliff survival kit looking for a save haven, munis, maybe the way to go. we will do you y. dennis: employees of random house in for a lot of green, 50 shades of gray. how the world's currencies are faring against
supply deficit on that market and it sure helps to see the good jobs number. that was another supportive situation. when it comes to the copper market, we are again today. one of the strongest metals in the metal complex, the copper market. that is a good sign for economic growth down road. back to you, cheryl casone and dennis kneale. cheryl: thanks to both of you. breaking news into fox business. want to show you once again live pictures out of cairo, egypt. reuters is reporting protesters...
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we'll then have big deficits in 2013. now we have been here before. this happened in california in 2 dhou 2001. capital gains boomed, then crashed. people front loaded their income when they expect it to go up, just like they're doing today. cap gains doubled to $52 billion, then the next year they crashed to $33 billion. the government struggled to fill that hole. the lesson here is that tax changes create huge spikes and crashes in revenue. now if governments understood this, we could plan for it but so far, brian, there is no evidence that governments, either state or federal, have learned this lesson. >> why is this so hard for us to figure out? you just laid it out. we've been here before. >> we've been here before. we've been here every decade we get to this point where we have this sudden artificial explosion in revenues whether from the market or tax havens. when governments get money they like to spend it. they like to pretend it is the new normal and they can budget along those lines but the temptation is to spend that money and budget aroun
we'll then have big deficits in 2013. now we have been here before. this happened in california in 2 dhou 2001. capital gains boomed, then crashed. people front loaded their income when they expect it to go up, just like they're doing today. cap gains doubled to $52 billion, then the next year they crashed to $33 billion. the government struggled to fill that hole. the lesson here is that tax changes create huge spikes and crashes in revenue. now if governments understood this, we could plan...
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if the politicians in washington negotiate a bad deal on the budget and deficit, what do you think will happen to medicare and medicaid benefits? and to our coverage? cutting hundreds of billions of dollars from medicare and medicaid will short change the people who need it the most. so if you don't want seniors to come up empty. call sen. warner and tell him don't make a bad deal that cuts our care. >>> werl come back to 9news -- welcome back to 9news. monday came here with your timesaver traffic. brunswick line is running 15 to 20 minutes. on the southbound side of 295 right before the sousa bridge, there's a disabled vehicle in the left lane. you can see eight before slow traffic already forming because of that. on the inbound side of i-66, earlier incident here at route 50 has been cleared. but slow traffic as you head in from route 29, lee highway, 31 miles an hour as you head toferred fairfax -- toward fairfax before that pace picks up. let's show you what it looks like if you're planning to head here in rockville. this accident long-standing in the intersection of seven locks roa
if the politicians in washington negotiate a bad deal on the budget and deficit, what do you think will happen to medicare and medicaid benefits? and to our coverage? cutting hundreds of billions of dollars from medicare and medicaid will short change the people who need it the most. so if you don't want seniors to come up empty. call sen. warner and tell him don't make a bad deal that cuts our care. >>> werl come back to 9news -- welcome back to 9news. monday came here with your...
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balanced deficit reduction package that will do enormous good to our economy. and the kind of package that i should not leave out, that includes targeted investments so our economy continues to grow and create jobs. it would, as i said on a number of occasions, deficit reduction in an of itself is not a goal, it should be part of an economic plan is that is focused on economic growth and job creation. the president is very focus odden that. >> just a second ago, you referred to, when talking about the debt ceiling, taking it off the table, to be part of the deal. you referred to the economy being held hostage. you're aware that president obama voted against -- >> we addressed that. there was no threat of default at the time. what happened in 2011, as we all know because we all lived it, most of us in this room, was the threat of default, a willingness expressed by many to see the american economy under default and with all the consequent impacts on the global economy and on the american middle class. . in order to do that and was enormously damaging to consumer
balanced deficit reduction package that will do enormous good to our economy. and the kind of package that i should not leave out, that includes targeted investments so our economy continues to grow and create jobs. it would, as i said on a number of occasions, deficit reduction in an of itself is not a goal, it should be part of an economic plan is that is focused on economic growth and job creation. the president is very focus odden that. >> just a second ago, you referred to, when...
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or is it about lessening the deficit? because it doesn't really do a whole lot for the debt or deficit over ten years. >> well, it's about fairness, but it's also about what are the better options? given that the wealthy are really skating by these days. and so how do you collect more revenue from them? and all the various ideas about, well, you cap this deduction, and cap that deduction. there are not only political constituencies that will fight tooth and claw on every deducti deduction, there are some reasons, fairly good reasons why you would want to think twice. you know, are you going to go after home mortgage deduction at a time when the housing industry is trying to get its feet? are you going to go after the exemption on taxation for health insurance? i mean, that's the biggest one, actually. that's like $250 billion a year. but i don't think anybody wants to dive back into that at this point. so, you know, how else are you going to do it? >> arianna, can i just say that -- and this is -- i guess i've been articu
or is it about lessening the deficit? because it doesn't really do a whole lot for the debt or deficit over ten years. >> well, it's about fairness, but it's also about what are the better options? given that the wealthy are really skating by these days. and so how do you collect more revenue from them? and all the various ideas about, well, you cap this deduction, and cap that deduction. there are not only political constituencies that will fight tooth and claw on every deducti...
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. >> bob: can you tell us 30 seconds to tell us how to get the deficit down? >> greg: stop spending. >> bob: i get that. >> eric: i don't need 30 seconds. go over the fiscal cliff. take $1.2 trillion out of spending and tax hikes, stops the spending. mandatory spending cuts across the board. you know what? the only way to do it. only way to do it. everything else is chump change. >> dana: how do you deal with deficit reduction if you raise the taxes on a portion of the country that will pay for the government for 8.5 days? >> bob: you couple that with the social security adjustments and medicare. 'canes that is not what geithner put on the table. >> dana: that is going to be on -- >> bob: that is what is going to be on the table. >> dana: republicans held their feet on the fire. >> bob: whatever it took. >> greg: i used to think howard dean was a proctologist because he had his head up his butt but he pulled the curtain back. it's never about raising taxes on the rich because you run out of rich. >> andrea: right. >> greg: that is the point. >> eric: raise tax
. >> bob: can you tell us 30 seconds to tell us how to get the deficit down? >> greg: stop spending. >> bob: i get that. >> eric: i don't need 30 seconds. go over the fiscal cliff. take $1.2 trillion out of spending and tax hikes, stops the spending. mandatory spending cuts across the board. you know what? the only way to do it. only way to do it. everything else is chump change. >> dana: how do you deal with deficit reduction if you raise the taxes on a portion of...
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. >> i think there's going to be a frame work achieved, but not meaningful debt or deficit reduction, no reform to entitlements, and i don't think there's tax reform. there's a deal in form, but i think there's more to get done. >> are we done? >> ask another if you want. >> do they really have to raise taxes? people accepted that's the outcome. >> i think that they need to raise revenue. how they do it, whether it's some tax increases or some limiting of deductions, but it shouldn't be hard to bridge a gap that's wider and wider. >> a matter of what it looks like, a given at this point. >> i think it is. >> higher taxes are coming. doug, thank you. ask as many questions as you want. >> you're generous with your time. >> that's what dagen does when she's here. >> she would be huck -- heckling you for your bad voice today. the supposed middleman in the debt negotiations throwing fire on the talks this week by saying nothing will get done unless republicans agree to raise tax rates on the rich. >> there you go. rich edson in dc with the latest on that. hey, rich. >> congressional republ
. >> i think there's going to be a frame work achieved, but not meaningful debt or deficit reduction, no reform to entitlements, and i don't think there's tax reform. there's a deal in form, but i think there's more to get done. >> are we done? >> ask another if you want. >> do they really have to raise taxes? people accepted that's the outcome. >> i think that they need to raise revenue. how they do it, whether it's some tax increases or some limiting of...
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we cannot raise taxes enough to take care of $1 trillion worth of deficit spending every single year. so let's get off of this and get on to the other side and start talking about what we have to do to cut our spending, to reform those entitlement programs that are the debt drivers and then do pro-growth tax reform that will stimulate the economy, get the money coming in. it's the best way to get money coming in and that gives everybody a job and helps to take care of the fiscal problem and balanced is what we need. >> congresswoman diane black, thank you for joining me this morning. i appreciate your time. >> thank you. >> i want to bring in our political power panel. political reporter, karen tumult, karen finney and robert trainam. karen, since i know you the best, i'm going to call you k-fin as not to confuse everyone. it seems the taxes are going to go up on the wealthy. the question is whether or not it's through the tax increases or closing the loopholes and the deductions. so do you think that we are closer to a deal today than yesterday if. >> i do. in that now they're puttin
we cannot raise taxes enough to take care of $1 trillion worth of deficit spending every single year. so let's get off of this and get on to the other side and start talking about what we have to do to cut our spending, to reform those entitlement programs that are the debt drivers and then do pro-growth tax reform that will stimulate the economy, get the money coming in. it's the best way to get money coming in and that gives everybody a job and helps to take care of the fiscal problem and...
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>> they are still under the illusion that deficits can be reduced without getting more revenues. you saw this--this has been there sort of article of faith for many years and it has been the republican orthodoxy back in 2011 when arguing with the debt ceiling and spending cuts and nothing about increased revenues, and boehner said he got 98% of what he wanted. when romney was running for office, there was not a peep until the end of the campaign. he was basically saying we could have a balanced budget amendment. we could cap spending and cut it. so their own colleagues have not told them these last many years that in order to reduce the deficit, you need more revenues, whether that comes from higher rates or higher taxes or getting rid of deductions. so when one of their own says it, it's a shock to the system. >> jennifer: yes, for sure. kerry, do you think that the tea party is going to be able to kill the plan before it gets started? >> you know, it's really the struggle that is going on right now. the speaker put out this plan yesterday that clearly you know is a reversal fro
>> they are still under the illusion that deficits can be reduced without getting more revenues. you saw this--this has been there sort of article of faith for many years and it has been the republican orthodoxy back in 2011 when arguing with the debt ceiling and spending cuts and nothing about increased revenues, and boehner said he got 98% of what he wanted. when romney was running for office, there was not a peep until the end of the campaign. he was basically saying we could have a...
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it would give us more time than next year to work together on a comprehensive plan to bring down the deficits. >> white house spokesman jay carney broke new ground declaring today the president does want spending cuts, listed in his budget plan to be included in the fiscal cliff talks. >> hold up the budget and say democrats on capitol hill vote for including the spending cuts in this deal to avoid the fiscal cliff. that is not what they are doing now. should they include those? >> yes. i think that, and i know that democrats accept that this has to be it, a balanced package, that includes revenues and cuts and spending cuts. >> months ago, the budget carney held up was voted down by the entire senate. 99-0. meaning no democratic support. earlier, dick durbin insisted spending cuts from entitlement reform will not be part of the talks while pelosi spell noncommittal whether the cuts will be in the deal. still, the administration is trying to breathe life to the talks, with vice president biden shopping at new costco in washington, picking up a big screen tv and apple pie and insisting he is o
it would give us more time than next year to work together on a comprehensive plan to bring down the deficits. >> white house spokesman jay carney broke new ground declaring today the president does want spending cuts, listed in his budget plan to be included in the fiscal cliff talks. >> hold up the budget and say democrats on capitol hill vote for including the spending cuts in this deal to avoid the fiscal cliff. that is not what they are doing now. should they include those?...